If facing foreclosure call a short sale expert

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Michael: The lenders, it is the loss mitigation departments that you are dealing directly with the two of you are doing the negotiations on behalf of the homeowner.

Kalyn: yes

Michael: Good, and then do you contact the lender immediately when someone calls you and we are going to talk about when they should call you in just a few minutes but when the homeowner calls you do you immediately contact the lender and find out when the foreclosure date is and try to get that pushed back?

Jeri: We do that as soon as possible, we can check the foreclosure date on tax records if there is one that has been set but there is some paperwork that is involved before we can contact the lender because the lender will not just speak to anyone on behalf of the homeowner. You can get a lawyer and they will not talk to your lawyer unless they have authorization in writing from you the homeowner to speak about their financial situation and their mortgage on their behalf. So we do have some paperwork that we have clients do and the first thing is the authorization letter, as soon as we have that we can begin speaking to them on your behalf.

Michael: So Kalyn the next question is, when should someone start the process?

Kalyn: Now, honestly if you are listening to us right now and this is striking any sort of nerve you should be calling us. If you have concerns about being able to afford your home, of you can not sell it, if you are in a situation like going through a divorce, going through relocation like Jeri mentioned all of these situations are possible short sales and you definitely should be on the phone now because too many times we see where people are in denial or whatever the situation may be and finally they are two weeks before foreclosure date and they are calling us we do not have enough time with just two weeks. There is too much involved for us to get the foreclosure extended, get an offer, get all the things that are included when you only give us to weeks and then where are you..a lot of the time they do not even have a place lined up and if you have a foreclosure on your record it is a lot harder to get a rental.

Michael: Yes the foreclosure has significant impact on your credit report where as a short sale could be potentially much better. Maybe the foreclosure process will be started during the short sale process but not having it completed is better than having an actual foreclosure on your record.

Jeri: Absolutely, the foreclosure proceedings started will not even show on a credit check if a landlord or a management company is pulling your credit to approve you for a rental but it is the worst thing in the world if you have gone through a foreclosure and you are just now calling us. I have some clients who need to be in a house this weekend and they have a foreclosure. They contacted my after the foreclosure had gone through and you would think that people would understand with the number of foreclosures going on and that would not be as harsh on your credit but it is. We are having a really difficult time finding landlords that will accept people who have foreclosures on their credit.

Michael: Me as a landlord, my wife and I have several rentals and I were to look at a credit report and see that a foreclosure proceeding had been started but the homeowner and potential renter says, we started it but we were able to sell the house short so we did not have to go ahead with the foreclosure. That absolutely would be someone that I would consider over someone that had a foreclosure because it shows that they care they certainly tried their very best so I would think that is a great situation to be in. So two weeks left before your sale date is too late it is not going to work out.

Jeri: Well I have recently done one in ten days. Ha ha

Michael: Oh boy

Jeri: So it can be done, I had a one ten days before the foreclosure date and I had the bank put out the foreclosure date about a month and a half and we will close a short sale on that.

Michael: Well that’s good so there is light

Jeri: 90% of the time though we won’t be able to help you with that little of time.

Michael: You do not want to be jumping through the hoops if you do not have to.

Jeri: Well the hardest part about the process is the the beginning process getting the lender to even acknowledge that they have received the authorization letter or the information packet that we have sent, the financials and the offer. You have to understand that lenders have thousands of foreclosures going on and they may have 20 bulk fax machines in their and as the paperwork comes through if it is not that person’s paperwork they and that process alone can take 30 days before they even tell us they got what they need.

Michael: When people call me up from the show asking about more information about the loan modification, I specifically had a client call in today the reality of it was he wanted a loan modification but he needed a short sale and sometimes that is the case and that is what we are here to do is to make sure you have the right information. So Jeri, real quick why don’t you give the phone number where they can reach you and Kalyn

Jeri: You can reach me at 480-363-6752 And the other number would be 480-Velocity and we will back with you in just a few moments.
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